Bank Orange personal loans

What personal loans does Orange Credit Union offer?

Secured Personal Loan

Own a car, property or have a solid amount of savings? Also looking for a personal loan? The Orange Credit Union secured personal loan may be right up your alley. In fact, customers with an asset to put against the loan can borrow anywhere from $2,000 and benefit from lower variable rates. Not only that, there is the option of loan terms up to 7 years and also the choice of making weekly, fortnightly or monthly repayments. 

And if the ability to make extra repayments is what you are after, you can do exactly that. Plus, Orange Credit Union allows borrowers to access a redraw facility on their additional contributions whenever they like. You may also be pleased to know there is no early repayment penalty attached to this loan if you pay down your debt in full, ahead of time. Just be mindful though, there is an exit fee to consider and an application cost when you first sign up.     

Unsecured Personal Loan 

If you need an unsecured personal loan instead, where you don’t have to put up any assets as collateral, Orange Credit Union has that option too. While variable interest rates are higher, the benefit is you aren’t putting any of your personal belongings at risk if you default on the loan. 

Like the secured personal loan, the unsecured option also allows borrowers to take out upwards of $2,000, make weekly, fortnightly or monthly payments, and make extra repayments and redraws. There is also no early repayment penalty but there is an upfront application cost. 

There are also a few differences. For example, loan terms range from 2 to 6 years and there is no exit fee attached to this product. 

Car Loan 

For borrowers looking to buy a new car with a loan, the Orange Credit Union car loan is a solid option. It comes with competitively low rates as well as plenty of repayment flexibility. Like the above mentioned loans, customers can choose from a weekly, fortnightly or monthly repayment schedule and also make extra repayments and redraws if they wish to (without facing an early repayment fee).  

It works similarly to the secured loan, as loan terms go up to 7 years and there is both an application and exit cost to consider. The difference is that the minimum loan amount is $15,000 and the vehicle you are purchasing must be used as security against the loan. 

Orange Credit Union personal loan features at a glance

• Regular repayment options: All Orange Credit Union personal loans give borrowers the choice of making weekly, fortnightly or monthly repayments. 

• Extra repayments: At no extra cost, Orange Credit Union personal loan customers can make additional contributions towards their loan if and whenever they like. 

• Redraw facility: Orange Credit Union also allows borrowers to redraw any extra repayments they have made across any of their personal loan products. 

• No early repayment penalty: Unlike some lenders, Orange Credit Union doesn’t slap personal loan customers with an early repayment penalty if they clear their entire debt ahead of time. 

How do you apply for an Orange Credit Union personal loan?

To be eligible for an Orange Credit Union personal loan you must be over the age of 18, an Australian citizen or permanent resident and live in Orange (NSW) or its surrounding districts. You can apply for this loan online or book an appointment for a call or in-branch meeting. 

You will need the following on you when you apply: 

• Employment, income and living expenses information 

• Details of assets you have (land, house, contents, vehicles, savings, shares or super)

• For existing customers: your Orange Credit Union Membership Number

• For new customers: Your driver’s licence and your passport